SAN DIEGO—Investor interest in the San Diego office market remains steady, and the bid-ask spread between buyers and sellers is expected to narrow, with more trades happening in the fourth quarter, Yardi Matrix's director of business intelligence Doug Ressler tells GlobeSt.com. According to a Q3 report based on a study by the firm and COMMERCIALCafe, San Diego registered a 340% year-over-year increase in sales volume, jumping ahead of the Bay Area, with 2.31 million square feet traded across 15 deals, making this its best quarter in five years.
The report also stated that San Diego's great Q3 also made its average price per square foot ($358) rank third among California markets—just behind Los Angeles with $395 and San Francisco at $503. And San Diego scored the quarter's second-largest deal in California with the sale of DiamondView office tower in Downtown's East Village to Divco West Real Estate Services for $207 million in September.
We spoke with Ressler about San Diego's strength in office sales and what he expects to see in 2018.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
